It's interesting time indeed - the bid walls never have been bigger, but on the other hand it seems that the rallies are smaller and smaller even though bouncing back from the huge support. The conference is on the horizon - but on the other hand the EURo fiasco has started another wave of getting rid of all risky investments.
The question for buyers, I think, is what the owner of those bid walls is up to. We recently saw a very similar situation where what appeared to happen was that a giant bid wall was place, people's confidence went up and they therefore placed bids ahead of the bid wall, and when the bids in front of the bid wall was high enough somebody sold into exactly everything in front of the wall and then the wall was taken down and the price fell far below the wall. I think because of that there's some hesitancy, for good reason, to buy up very far. There's a good chance the same strategy is being played right now and the seller is just waiting for enough depth before he sells off another large chunk.
That's also my suspicion, add to this that everytime a larger sale is up front it is quickly gobbled up, it seems that is a very profitable trading strategy.
To make it sour for him we must just be faster
